How Elon Musk Actually Became the Richest Man in the World: To no one’s surprise, online retail giant Amazon has thrived positively during the recent pandemic, making its owner, multi-billionaire Jeff Bezos, wealthier than ever – and he’s been hit hard by the pandemic. Before he was very rich.
And yet, despite the record-breaking success for Amazon in 2020, Bezos had been removed from the top spot on the Forbes list of the world’s richest people by early January 2021, and the financial world was shocked by How did Musk become the richest man in this world?
Elon Musk’s rise to the top is a fascinating story as it may be the fastest growth in wealth creation in the entire history. In March 2020, he has crowned The World’s Richest, with Musk having a net worth of just $27 billion, and barely breaking Bloomberg’s list of the 50 richest people in the world.
In just 9 short months, Musk has increased his net worth by more than $165 billion to claim the top spot among the world’s richest billionaires.
As of November 2020, Musk had made his way into the top 5 richest people in the world, and his rise to the top began ever since. Within a month, Musk became the third richest person in the world, surpassing both Facebook’s creator Mark Zuckerberg and Microsoft’s Bill Gates.
In December 2020, he surpassed French tycoon Bernard Arnault to take the #2 spot. This left Musk behind only Jeff Bezos and Amazon, who were untouchables, coming off a record year in 2020 due to the growth in business generated by the pandemic.
But, to shock the financial world, Musk did the impossible – by early January 2021, Musk’s net worth rose to $190 billion, nearly $5 billion ahead of Bezos. How did he do it? How did Elon Musk rise through the ranks of the world’s billionaires and tycoons to become the world’s richest person in less than a year?
Well, that can best be illustrated by his reaction to the news that he had hit #1. Musk responded to a tweet in which he announced his ascent to the #1 spot, simply saying, “How weird. Well, back to work.”
Really hard work has been the key to Musk’s impressive success. While his rise to the top may happen overnight, the truth is that Musk has been working towards this moment in his entire life, putting his heart and soul into every project.
Musk’s electric car company, Tesla, was launched in 2003 but only made its first profit in 2020. In 2018, when Tesla was plagued by production delays, Musk told reporters he was “back to sleep at the factory”, devoting every waking hour to get things back on track.
Without that kind of intense focus and work ethic, Musk would never have been among the richest men in the world. Of course, such an incredible and rapid rise to the top of the world’s wealthiest people doesn’t come without controversy.
Musk has been accused of involvement in the deaths of child laborers in the Democratic Republic of the Congo, where children are forced to work in brutal conditions to mine cobalt, a valuable and essential material needed to build computers.
Tesla workers have also spoken out against Musk’s tough stance against unions, claiming they swiftly shut down any pro-union activities within their factories. Hard work may be the secret to Musk’s success, but that success hasn’t come without a healthy dose of ruthlessness and controversy.
It is an unavoidable economic truth that you can never get rich by working for someone else. Entrepreneurship is the only way to become one of the richest people in the world.
From Bill Gates to Mark Zuckerberg, Warren Buffett to Jeff Bezos – every single one of the billionaires that Musk rose to the top was found by building hugely profitable and scalable businesses, and Elon Musk is no exception. Innovation and entrepreneurship seem to be in Elon Musk’s DNA – although being born into a wealthy South African family certainly didn’t hurt.
He first discovered his love of computers and technology at age 10, and after teaching himself to code, began his professional career at age 12, when he sold his first software, a computer game called Blaster.
At the age of 17, he moved to Canada to attend Queen’s University – and to avoid compulsory military service in his home country of South Africa.
Since his mother was Canadian, Musk obtained his Canadian citizenship that same year, but he already had his vision for the future – he felt Canadian citizenship was his ultimate goal – the U.S. There will be one step for citizenship.
After 3 years, Musk fulfilled his dream and returned to the U.S. to attend the University of Pennsylvania. where he earned 2 bachelor’s degrees in economics and physics.
His next stop was the prestigious Stanford University, where he enrolled in a PhD program in energy physics, but would only stay at Stanford for 2 days before leaving the Boy Genius School.
His arrival in California coincided with the Internet boom, and Musk and his brother Kimble took a big gamble, leaving the world of higher education behind and launching their first start-up company, the online city directory Zip2.
Musk’s gamble paid off – big time. Through hard work and tireless effort, Musk had built a hugely popular and profitable business, and in 1999, Musk sold Zip2 to Compaq for the astonishing price of $307 million, plus over $30 million in stock options. more.
But instead of sitting down and enjoying his success, Musk showed the first glimpse of the superhuman business acumen that would later help him climb the list of the world’s richest people.
He immediately turned his back and invested the proceeds from the sale of his first company to fund his next venture, X.com – an online payments platform that later became PayPal.
2002 was a banner year for Musk – he accomplished one of his life goals when he became a US citizen, and he also earned his first billion at age 30 when he sold PayPal to eBay for $1.5 billion. sold.
But Musk wasn’t done — far from it. In the end, he had the money to fulfill his true, lifelong dream. As Musk explains in a tweet pinned at the top of his Twitter profile: “About half my money is to help problems on Earth, and half to help set up a self-sustaining city on Mars (all species).
The sincerity of Musk’s desire to solve the world’s problems may be questionable – the billionaire has been accused of hoarding his wealth rather than using it to make a tangible difference in the world – but that ambitious goal has been taken into account. Keeping the money in his pocket, and the proceeds of his latest sale, Musk launched 2 companies that certainly changed the world as we know it, and eventually led him to top the list of the world’s richest people. Will deliver
Musk created SpaceX in 2003 to build spacecraft for commercial travel. It may have been a distant dream at the time, but by 2008, they had successfully secured a contract with NASA to supply cargo to the International Space Station.
Musk plans to eventually use SpaceX to shuttle astronauts to the ISS, as NASA moves away from using its own craft, but his focus is always on the ultimate long-term goal of colonizing Mars.
SpaceX may be a revolutionary success story, but the real secret to Musk’s success, at least as far as his status as the richest man in the world is concerned, is Tesla.
Musk also launched Tesla in 2003 using funds from a PayPal sale, and at the time, his ambitions for the electric car company seemed as outlandish as his plans to colonize Mars.
Musk wanted to take on auto industry giants with affordable, mass-market electric cars, an idea that seemed to be Ludacris in the early 2000s. Despite all odds, Musk’s hard work once again paid off, and Tesla’s astonishing success paved the way for Musk to enter the exclusive realm of the world’s richest and wealthiest people.
But things really went up a notch in 2020, making Musk the richest man in the world. Tesla’s share price skyrocketed in 2020, a 720% increase in that year alone.
In the first weeks of 2021, the stock climbed another 20%, giving Musk the final push to top the list of the world’s richest. Tesla is now worth more than $700 billion dollars – more than Toyota, Volkswagen, Hyundai, General Motors and Ford combined.
Musk’s impeccable work ethic and forward-thinking – as well as his ruthlessness – certainly played a key role in Tesla stock’s rise, but Musk was helped by a few factors in his journey to becoming the world’s richest man. those who were completely out of his control.
For one thing, despite Musk’s surprising relationship with Trump in the early days of his presidency, recent US election results may have inspired renewed confidence in the future of the electric car industry in general, as Democrats is generally seen as more conducive to things with a green agenda. Tax credit for consumers who buy electric vehicles.
Surprisingly, the pandemic may also have helped Tesla and Musk reach new heights. The world’s 500 richest people increased their combined wealth by an astonishing $1.8 trillion in 2020, according to The Institute for Policy Studies, and America’s 651 household billionaires alone added more than $1 trillion to their wealth in 9 months.
It is clear that the pandemic gave a huge boost to all the ultra-rich, but perhaps none quite as much as Amazon’s Jeff Bezos. Yet, despite 2020 being a record-shattering year for Amazon, some major events in CEO Jeff Bezos’ life played a huge part in propelling Elon Musk to become the world’s richest man.
Not only did Bezos lose some of his stake in Amazon in his divorce settlement, handing over 4% of his shares to ex-wife Mackenzie Scott, but he also raised more than $680 million dollars through his Bezos Earth Fund in November of 2020. Donated shares too.
These losses added up to a major drop in Bezos’s net worth, and Musk may have blamed Bezos for passing Bezos on the list of the world’s richest people as much as Musk himself. By the way, how does the richest person in the world spend his money?
Maybe not in the way we expected… When Musk first started climbing the ladder of the world’s richest people, he certainly went on a shopping spree, raising over $100 million dollars Prime took away California real estate, including $17 million dollars. , 1.67-acre property with a 2-story library, a private gym, a private home theater and a 1,000 bottle wine cellar.
Although Musk began selling his properties in 2020, he told reporters that he eventually planned to have “no homes.” And it’s not just real estate that the billionaire plans to get rid of — Musk signed The Giving Pledge in 2012, vowing to keep and donate most of his wealth during his lifetime, though he’s yet to make that promise. But has not met.
As the head of one of the world’s most innovative auto companies, it’s perhaps not surprising that Musk has a passion for cars. He bought a Lotus Esprit submarine car from a James Bond movie for $920,000, and he also owns a Ford Model T and a Jaguar E-Type Series 1 roadster – both gas-powered.
But in addition to a taste for fine cars, Musk insists that he is simply too busy to live a luxurious lifestyle. He has told reporters that he often works a 120-hour week, and has only taken 2 weeks off in the 12 years since Tesla was founded.
He even spent his 48th birthday at Tesla in 2019, working on “global logistics” for the company. Musk certainly doesn’t live like a typical billionaire — he says he enjoys cheap hobbies like playing video games, listening to and reading music, and spending time with his kids and his friends. “But,” he says, whenever he has any free time “it’s usually ‘more work.'”
Through hard work and laser-like focus – and with a generous helping of luck – Elon Musk has once again managed to do the impossible, overtaking Amazon CEO Jeff Bezos to become the world’s richest person by January 2021.
In the cut-throat world of business, only time will tell whether Musk will be able to hold on to the top spot. Musk was right when he tweeted “back to work” in response to the news that he was the richest person in the world.
Tesla is still a relatively new company, and it only made its first profit in 2020. Musk’s recent climb to the top of the list of the world’s richest people has only put more pressure on the billionaire innovator to prove that Tesla can live up to expectations. And to justify its current valuation, it turned out to be more profitable than the entire motor industry combined, which is a cornerstone of Musk’s net worth.
No matter how Elon Musk became the richest person in the world, and whether he manages to stay on top, we’re sure to see some interesting things from Musk and Tesla in the future!
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